Price of Unobtanium grows up to 800% for potential market manipulation
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In less than 24 hours, the cryptoactive Unobtanium (UNO) came to be revalued by more than 800% . The development leader of this project claims that it is due to market manipulation by the Bittrex exchange house.
Less than a day ago, the value of Unobtanium was around $ 48.73 per unit, with a market value of all its cryptoactive $ 9.5 million at 3:19 pm UTC on October 18. Then at 10:19 am UTC on October 19, it reached $ 435.36 per unit and a market capitalization of $ 86.1 million, in less than 18 hours. By the time of writing this article, its price fell to $ 236.91 per cryptoactive suffering a fall of at least 30% so far.
The reasons behind these market movements are not clear. Even less so when the exchange house that registers more than 90% of the volume of movements in the last 24 hours, Bittrex , decided to remove it from its list of interchangeable coins in its portal from tomorrow.
In view of this, the developer of the leading project , Bryce Weiner said on his personal account of Twitter as much surprise as the possible reasons behind this. In his tweets he affirms that this sudden rise is due to manipulation of the market by Bittrex . Statement supports based on a percentage of volume change criptoactivo they are handling, which lead to high gains exchange fees for increased confirmations deposits 300 blocks , which, for a network processing blocks every 3 minutes, is translate in about 15 hours for a deposit to be made effective .
In the social networks of criptoactivo, these reasons are reinforced and define it as a scheme to pump and throw (known in English as a Pump and Dump ). This scheme is known as a fraudulent practice of market manipulation, where it induces an artificial increase of the price until a high value of the asset and sell the own stocks at high prices, causing the price to fall in turn.
Although it is a house of change with trajectory, has recently made several unforeseen movements that are generating doubts among its users about their internal practices. Among these movements is the unexplained exclusion of long-standing digital assets and good market capitalization such as Bitshares .
It has also spread on the web that the exchange house could be behind the increase of dominance of Bitcoin , while safeguarding its monetary value in Bitcoin. Added to this, there were complaints in the networks about the closure of user accounts without prior notice, for which Bittrex published a statement explaining the situation.
The situation with the cryptoactive ONE, adds another situation that could generate more uncertainty in this house of change. Observing these behaviors, it is important to remember the advice to avoid leaving funds in the exchange houses and withdraw them immediately made the exchange .
Source: https://goo.gl/qwxtWd